Concurrent Investment Advisors LLC Acquires New Position in Reddit, Inc. (NYSE:RDDT)

Concurrent Investment Advisors LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 5,639 shares of the company’s stock, valued at approximately $372,000.

Several other large investors also recently added to or reduced their stakes in the business. Vestor Capital LLC grew its position in Reddit by 1.1% in the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after acquiring an additional 922 shares in the last quarter. Campbell Capital Management Inc. bought a new stake in Reddit in the third quarter worth approximately $3,088,000. Biechele Royce Advisors bought a new stake in Reddit in the third quarter worth approximately $1,754,000. Frank Rimerman Advisors LLC bought a new stake in Reddit in the third quarter worth approximately $1,479,000. Finally, DekaBank Deutsche Girozentrale grew its position in Reddit by 5.0% in the third quarter. DekaBank Deutsche Girozentrale now owns 141,800 shares of the company’s stock worth $9,347,000 after acquiring an additional 6,800 shares in the last quarter.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the sale, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the sale, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the sale, the chief executive officer now directly owns 672,352 shares in the company, valued at approximately $36,293,560.96. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 364,327 shares of company stock worth $23,298,794.

Reddit Stock Performance

Shares of RDDT stock opened at $134.80 on Monday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $134.80. The firm has a fifty day moving average of $76.67 and a 200-day moving average of $65.15.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The business’s quarterly revenue was up 67.9% on a year-over-year basis. Sell-side analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Jefferies Financial Group boosted their price objective on shares of Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Needham & Company LLC boosted their price objective on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. JMP Securities boosted their price objective on shares of Reddit from $84.00 to $118.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 30th. Cannonball Research assumed coverage on shares of Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. Finally, Piper Sandler restated an “overweight” rating and issued a $115.00 price objective (up from $70.00) on shares of Reddit in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.72.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.